Johannesburg, South Africa (ADV) – The African Development Bank’s (AfDB) Country manager for Angola, Joseph Ribeiro has said his country need substantial investments in strategic sectors for diversified economic development, in order to enhance its position as Sub-Saharan Africa’s third largest economy.
“To this end, it is not only fundamental, but necessary, to join efforts to overcome the challenges that are posed to the development of the private sector in Angola,” said Ribeiro.
This follows a recent roadshow organised by the AfDB to drum up support from Angolan investors ahead of the second edition of the Africa Investment Forum (AIF) in November 2019.
Last week the Angola Country Office of the African Development Bank Group, in collaboration with Executive Director of the Export Promotion and Private Investment Agency (AIPEX) and the Ministry of Economy and Planning (MEP), organised the Luanda roadshow, which saw about 170 participants from the public and private sector attending.
The Angola roadshow is one of several other events to be convened in the Southern Africa region by the Bank’s Africa Investment Forum team in preparation for the 2019 Forum, which will take place from 13-15 November 2019, at the Sandton Convention Centre in Johannesburg.
According to a statement issued by the AfDB, representatives of chambers of commerce in Angola, start-ups and accelerators, project sponsors, promoters and developers also attended the event.
“To date, 26 projects have been identified in Angola, covering various sectors including infrastructure, agribusiness, waste management and recycling, renewable energy and ICT. The projects are currently being screened through ongoing B2B sessions,” reads part of the statement.
The Bank’s maiden investment forum held in November 2018 saw an unprecedented gathering of world-class investors, meeting with the aim of bridging the continent’s growing infrastructure investment gap. The event exceeded all expectations with projects worth over US$38.7 billion securing investment interest in 72 hours.
Meanwhile, during the event, Marcelino Pinto, MEP Director for Economy, Competitiveness and Innovation and José Chinjamba, AIPEX Executive Director, showcased Angola’s economic reform plans over the last 15 months, aimed at attracting foreign investments and creating an enabling environment for businesses to thrive.
They highlighted the fact that the Angolan authorities had established the Domestic Production, Export Diversification, and Import Substitution programme (PRODESI), as part of its agenda to achieve accelerated private sector-led economic diversification.
“The implemented and ongoing set of reforms, as well as the instruments of credit facilitation, attest to the Government’s willingness to support private activities in order to take advantage of opportunities offered by platforms such as the Africa Investment Forum,” Pinto told participants, made up of representatives of commercial banks, development financial institutions, transaction advisors and investment fund managers.
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